TD Bank Reaches $1.205 Bln Settlement Related To Litigation Involving The Stanford Financial Group

RTTNews | 766 days ago
TD Bank Reaches $1.205 Bln Settlement Related To Litigation Involving The Stanford Financial Group

(RTTNews) - TD Bank Group (TD, TD.TO) announced Monday that it has agreed to a settlement in principle relating to litigation involving the Stanford Financial Group.

Upon final approval of the settlement by the Court, TD will pay $1.205 billion to the court-appointed receiver for the Stanford Receivership Estate.

Under the terms of the agreement, TD has settled with the receiver, the Official Stanford Investors Committee, and other plaintiffs in the litigation and these parties have agreed to a bar order dismissing and releasing all current or future claims arising from or related to the Stanford matter.

As has been the case throughout these proceedings, TD expressly denies any liability or wrongdoing with respect to the multi-year Ponzi scheme operated by Stanford and makes no admission in connection to any Stanford matter as part of the settlement.

TD elected to settle the matter to avoid the distraction and uncertainty of continuing a long legal proceeding. As a result of this settlement, TD will record a provision of approximately C$1.2 billion after tax in the first quarter of 2023. The amount will be reflected in TD's Corporate segment and treated as an item of note to reported results.

read more
TD Bank Group Q4 Profit Surges; Results Top Estimates

TD Bank Group Q4 Profit Surges; Results Top Estimates

TD Bank Group (TD, TD.TO) on Thursday reported fourth-quarter net income available to common shareholders of C$6.56 billion or C$3.62 per share, up sharply from C$3.72 billion or C$2.04 per share in the year-ago quarter.
RTTNews | 854 days ago
TD Bank, Target Extend U.S. Credit Card Partnership Through 2030

TD Bank, Target Extend U.S. Credit Card Partnership Through 2030

TD Bank (TD, TD.TO), America's Most Convenient Bank, announced Wednesday a multi-year contract extension with Target Corp. (TGT), in which TD will continue to be the exclusive issuer of Target co-branded and private label consumer credit cards.
RTTNews | 925 days ago
Malaysia Bourse May Give Up Support At 1,500 Points

Malaysia Bourse May Give Up Support At 1,500 Points

The Malaysia stock market has moved lower in two of three trading days since the end of the three-day winning streak in which it had picked up more than 30 points or 2 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,520-point plateau and it may take further damage again on Friday.
RTTNews | 4h 28min ago
More Pain Predicted For Japan Stock Market

More Pain Predicted For Japan Stock Market

The Japanese stock market on Thursday ended the two-day winning streak in which it had picked up almost 110 points or 0.3 percent. The Nikkei 225 now rests just above the 34,735-point plateau and it may take further damage on Friday.
RTTNews | 4h 58min ago
South Korea Stock Market May Extend Losing Streak

South Korea Stock Market May Extend Losing Streak

The South Korea stock market has moved lower in two straight sessions, sinking almost 35 points or 1.4 percent along the way. The KOSPI now rests just above the 2,485-point plateau and it's likely to open under pressure again on Friday.
RTTNews | 5h 28min ago